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Full text of "Government Gazette Of Uttar Pradesh"

VIII]                                     UTTARiPRADESH GAZETTE, JUNE 2J, 1955                                        24U

members of sucli committee, -shall, on the expiry of oiu Vi o^-k from
the d->t? of its communication by the Managing Director to U-o le-
maimng Directors or memb&ra, &a hht> case maybe, be valid and effectual
and shall be deemed to be the resolution passed by the Board. tliP
Executive or other committee, as the cctbe rnav be :'

Provided that if any dissenting director or member in
require*, within four days of the receipt by him of the copy of the re-
solution from the Managing Director, that any resolution so passed
shall be placsd before a meeting of the Board, Executive OY other
committee, as the case miy be, the resolution shall not be deemed
to be valid and effectual'as aforesid unless the resolution is pass-
ed at such meeting;

Provided further that any resolution passed as aforesaid shall be
placed before the next meeting of the Board ; Executive or other
committee, as the case mav be, for carrying out modifications, if

larrying
any;

:t of

(ii) Nothing in clause (i) shall apply to u. resolution m respect of
any matter relating to granting of any loan r-r fint<iieial assistance
to any industrial concerji under the Act.

CHAPTER VI—MANNER IN WHICH THE ACCOMMODATION

GRANTED BY THE CORPORATION WILL B£ SECT HED

*•* - Security taken must be sufficient—No KCLT.iiimnda licm siwll be
given by the Corporation under clauses (a) and (e) of sub-Heetiun (1)
of HHotion 25 of the Act unless sufficient security to the eatingction
of tlic Executive Committee, as specified in .sub-section (2) thereof,
haw been taken.

45.    Instruments evidencing security to be in prescribed form—

Instruments evidencing the security to be taken for accommodation
given by the Corporation under sub-section (2) of section 20 phall he
in the form prescribed by bhe Executive Committee and no mateiial
alteration shall be made in the form so prescribed Tvithout the approval
of the coinmLtt-.'c. The committee may make such variations in the
forms as may be found nec23sary to suit the requirements of individual
cases.

46.  Reasonable margins to be maintained in granting accommoda-
tion—For the purpose of determining the amount of the accommodation
to be granted, such margins shall be retained in the valuation of the
assets pledged ; mortgaged, hypothecated or assigned to the Corpora-
tion as may be considered reasonable by the Executive   Committee,

47.    Factors to be taken into consideration for determining adequacy
Of mai&ins —For the purpose of regulation 46, the Executive Committee
shall require adequate margin having regard to the earning capacity
and prospects of the industrial concern, the competence of its manage-
ment  and  other relevant  considerations.

48.    Instruments evidencing security to contain stipulation for
requiring additional security in the event of fall in the value of assets—

In the instruments evidencing the security taken by the Corporation,
there shall be a stipulation that in the event of a fall occurring in the
value of the assets pledged, mortgaged, hypothecated, or assigxied to
the Corporation, the industrial concern obtaining accommodation from
it may be required to furnish such additional security as may be
considered reasonable by the Execiitive Committee.

CHAPTER VII—GENERAL PROVISIONS

49.    Boai;d to inform State Government regarding disqualifications—
The Board shall forthwith inform the State Government if it conies to
its' notice that any Director has become subject to any disqualifica-
tion under the Act.

50.    Acts of Directors valid notwithstanding subsequent discovery of

acts done at any meeting of the Board or the